Fortinet Inc. (NASDAQ:FTNT) was downgraded by research analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday. They presently have a $32.00 target price on the stock, down from their prior target price of $43.00. Stephens’ price target would indicate a potential upside of 2.60% from the stock’s previous close.
A number of other research analysts also recently commented on the stock. Goldman Sachs Group Inc. reduced their price objective on shares of Fortinet from $43.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday. Royal Bank Of Canada reduced their price objective on shares of Fortinet from $37.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a research note on Tuesday, September 20th. Finally, Wunderlich assumed coverage on shares of Fortinet in a research note on Tuesday, September 13th. They set a “buy” rating and a $45.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seventeen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $36.16.
Fortinet (NASDAQ:FTNT) opened at 31.19 on Wednesday. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 842.97 and a beta of 1.62. Fortinet has a 1-year low of $23.16 and a 1-year high of $44.63. The firm has a 50-day moving average of $35.71 and a 200-day moving average of $33.60.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm had revenue of $311.40 million for the quarter, compared to the consensus estimate of $304.71 million. During the same period in the prior year, the firm posted $0.11 EPS. The firm’s revenue was up 29.9% compared to the same quarter last year. On average, analysts expect that Fortinet will post $0.70 earnings per share for the current year.
In other news, insider Keith Jensen sold 900 shares of Fortinet stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $35.47, for a total value of $31,923.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP John Whittle sold 834 shares of Fortinet stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total transaction of $30,607.80. Following the completion of the transaction, the vice president now directly owns 5,515 shares in the company, valued at $202,400.50. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its stake in Fortinet by 112.0% in the first quarter. Renaissance Technologies LLC now owns 1,571,500 shares of the company’s stock valued at $48,135,000 after buying an additional 830,400 shares in the last quarter. HBK Investments L P boosted its stake in Fortinet by 56.5% in the first quarter. HBK Investments L P now owns 54,900 shares of the company’s stock valued at $1,682,000 after buying an additional 19,831 shares in the last quarter. Geode Capital Management LLC boosted its stake in Fortinet by 4.9% in the first quarter. Geode Capital Management LLC now owns 934,608 shares of the company’s stock valued at $28,610,000 after buying an additional 43,232 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock valued at $18,302,000 after buying an additional 2,650 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Fortinet during the first quarter valued at approximately $337,000. 70.65% of the stock is currently owned by institutional investors and hedge funds.
Fortinet Company Profile
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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